Facebook TwitterLinkedInYoutubewhatsapp Start Planning for your Financial goals
Schedule Your Free Consultation
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Holistic investment planners, financial planning Chennai, Private wealth management Chennai

Holistic investment planners, financial planning Chennai, Private wealth management Chennai

Financial Planning chennai India, Private wealth management chennai India, Investment Advisory India, Systematic Investment Plan, Mutual Fund SIP, Mutual Fund ELSS, Tax Saving scheme

  • Home
  • About Us
    • Who we are & What we do
    • Services
      • Financial Road Map
      • Retirement Roadmap
      • Asset Allocation Plan
      • Webinar
      • Money Management
      • Wealth Management
    • In the Media
    • Testimonials
    • What Makes Us Different
    • How we can help you
    • Specialties
    • Honors and Awards
    • Vision & Mission
  • Resources
    • Blog
    • Articles
    • Podcast
  • Ideal Client
  • Contact Us
group health insurance not sufficient

Why Company provided Group health insurance is not sufficient?

by Holistic Leave a Comment | Filed Under: Insurance

When we come to this life – parent provide a cover from unseen dangers. A tree –provides a cover from wind and water. Whereas water protects us, further from fire. Therefore, by the law of nature somewhere, someone is always protecting other.

[the_ad id=’13526′]
Many employers today, offer a group medical insurance cover to their employees, which include the employees’ family members as well. And so, those who don’t dig down deeper for the details starts thinking that they and their family members are prepared for bad health days .

But what do you think is it real case scenario? Or truth is somewhat bitter than this sugar coated candy? Let’s check.

1) Employer’s plan

You must remember one thing that this perk is provided by company to all its employees’ across the board and not fabricated by every employee’s choice. So it may or may not suffice to your need (according to one survey these are covers are as low as 60% annual income of the employer).

It may so happen that your employer may find it burdensome to company’s budget and he may withdraw this facility, make you pay the premium or reduce the premium (without your concern) to lower down the premium costs.

It may so happen that you have group health insurance with your former employer and after switching over to new company, you do not get any such insurance cover! So are you prepared for such hazardous situation?

2)Terms and conditions

It has been observed that many companies are excluding employer’s parents from group health insurance. If it is your case then you need to purchase separate health insurance for your parents. If it is not your case then it may occur to you eventually.

Sometime according to company policy, you need to do a co-payment while making a claim. Here a co-payment refers to the condition where a part of the treatment cost has to borne by the insured person. Moreover, higher room rental for the hospitalization in now a days can make quite a big hole in your pocket. So what do you think? Are you prepared for it?

3) Life after retirement

Let us assume that you are 35 year old and you have insured every family member through employer provided group health insurance. Everything now seems picture click perfect, right?
But……wait…

As you, all know that we always insure or prepare ourselves for bad days or old days after retirement. Nevertheless, do you know that once you retire, your employer provided group health insurance also retires-I mean expires automatically.

So if you have to purchase new health insurance after your retirement then what will be the cost? To be more precise can you afford it that time? Because every insurance company has waiting period of 24 to 48 month on pre-existing diseases,plus the premium rates would increase as it has a direct co-relation with the age of the policyholder and medical conditions undergone in the past.

Considering all this and more, it definitely makes sense to have your own insurance cover purchased directly from the insurance company when you are young in addition to the employer provided health insurance policy. The benefits of having your own policy cannot be over-emphasised.

The cost of medical treatment is increasing exponentially. Lifestyle and age related conditions could burn a hole in your pockets. A recent article suggested that almost 40 per cent of heart patients are between 35 to 45 years of age. One must choose a policy keeping in mind their own, their family’s health conditions, and future requirements. Make sure that your health insurance cover is having a feature of lifetime renewal and no co-pay!

Some research may be necessary before buying comprehensive health insurance cover for the entire family. A good health insurance cover ensures peace of mind and takes care of your and your family’s unforeseen medical needs. Remember, a good health insurance plan is the best gift you can give to yourself and your family.

Therefore, don’t you think it is better to be safe than sorry!

If you are REALLY interested to create a workable financial plan, then you can take advantage of

[the_ad id=’13360′]

Reader Interactions

Previous article: How do we overcome the Current Economic Downturn: 7 Meaningful Steps!!!
Next article: Should You Continue to have Faith in Your ULIP Policy or You are Thinking of Surrendering it?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Client Login

Recent Posts

  • The Journey to Your First Crore: How Smarter Risks — Not Bigger Risks — Will Make You Wealthy
  • Reliance Nippon Life Nishchit Pension Plan: Good or Bad? An Insightful Review
  • The Real Cost of Free: Why Avoiding Fees Might Be Draining Your Wealth
  • Are Your Indian Investments a Hidden Tax Trap in the U.S.? Understanding PFIC Rules for NRIs
  • Outdated Money Habits That Don’t Work Anymore in 2025 — What You Should Do Instead

Google Reviews

Footer

  • Articles
  • Gallery
  • Ideal Client
  • Jobs(Full Time)
  • Podcast
  • Services
  • Testimonials

Connect With Us

Holisticinvestment.in
Old No:60/3 , New No : 26
Burkit Road, T.Nagar
Chennai – 600017
INDIA.

View on Google Maps

Copyright © 2022. Holisticinvestment.in | All rights reserved.    Cared with ❤ by T-Square Cloud

×